From today, 1 April,10 Government banks (PSU) will be merged into 4 banks in order to strengthen the Indian banking system.
From today, 1 April, Ten Government banks (PSU) will be merged into 4 banks. This is the largest merger in banking history. In August 2019, the government had announced that the 10 banks will be merged to make them stronger. Many thought that due to the COVID-19 pandemic and the current condition of our economy, the government will postpone the bank merger. But the government decided to go ahead.
Let me tell you all you need to know about the bank merger.
Oriental Bank of Commerce and United Bank of India will be merged into Punjab National Bank (PNB). After the merger of PNB, it will form the second-largest bank in the country, after State Bank of India (SBI).
Syndicate Bank will be merged into Canara Bank
Allahabad Bank will be merged into Indian Bank.
Andhra Bank and Corporation Bank will be merged into Union Bank.
Customers and depositors of merging banks will be treated as customers of the banks in which these banks have been merged from 1 April 2020. After the merger, there will be 12 government banks - six merged banks and six independent banks.